Connaught obtains bankruptcy court approval of $20 million asset sale

By Caroline Salls

Pittsburgh, April 13 - The Connaught Group, Ltd. received court approval to sell substantially all of its assets to Forty-three Eighty Co. for $20 million, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the backup bidder for the company's intellectual property is the Worth Collection, Ltd., and Tuesday Morning, Inc. is the backup bidder for Connaught's inventory.

Connaught is a New York-based direct seller of high-end women's apparel in the United States. The company filed for bankruptcy on Feb. 9 under Chapter 11 case number 12-10512.

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